R500 Payday Loan in South Africa - Find the Best Offers

You know those moments where you’ve got too much month at the end of your money? Perhaps you’ve been hit with an unexpected expense, or your budget didn’t quite cut it this month. In those instances, you sometimes need a small boost to get you over the line. And that’s where R500 payday loans can be so valuable.

A payday loan is a relatively small unsecured cash loan in nature, and when you’re in a bind – a R500 loan can be a real lifesaver. There are so many different providers of this short-term loan out there that it’s worth doing your homework to find the best possible deal so that you can minimise the extra costs that come with the loan. You could try and do this yourself, but it would take a very long time and it would be very tough to cover all the various options.

Applying for payday loan
Low Interest Rates
FASTA
Minimum Amount:
R500
Maximum Amount:
R8000
Loan Period:
1 - 3 moths
Estimated Interest Rate:
0% –5% Monthly

Good to know:

  • Possible to get a lower interest rate
  • Approval possible in minutes
  • Up to 3 months repayment period
Popular
MPOWA
Minimum Amount:
R100
Maximum Amount:
R5000
Loan Period:
1 - 31 days
Estimated Interest Rate:
5% monthly

Good to know:

  • Fast disbursement
  • Fully online application
  • Has initiation fee
Wonga
Minimum Amount:
R500
Maximum Amount:
R4000
Loan Period:
4 - 34 days
Estimated Interest Rate:
4% monthly

Good to know:

  • Up to R8000 for existing customers
  • Fully online application
  • Has initiation fee
Lime
Minimum Amount:
R300
Maximum Amount:
R5400
Loan Period:
5 - 37 days
Estimated Interest Rate:
5% Monthly

Good to know:

  • Fast loan disbursement
  • Only lends to employed people
  • Only up to R5400 loan
Loan Betty
Minimum Amount:
R500
Maximum Amount:
R50,000
Loan Period:
1 - 3 months
Estimated Interest Rate:
0 - 5% monthly

Good to know:

  • Must be permanently employed
  • Must earn over R5000
  • Must not be under debt review
Cash Loan
Minimum Amount:
R2000
Maximum Amount:
R150,000
Loan Period:
12 - 60 months
Estimated Interest Rate:
N/A

Good to know:

  • Up to R150,000
  • Flexible repayment
  • Easy application
Moneyshop
Minimum Amount:
R1000
Maximum Amount:
R8000
Loan Period:
2 - 6 months
Estimated Interest Rate:
3 - 5% monthly

Good to know:

  • Uses bot for application
  • Also offers long-term loans
  • Earn a minimum of R4000/month
Finance 27
Minimum Amount:
R500
Maximum Amount:
R4700
Loan Period:
7 - 50 days
Estimated Interest Rate:
3,2% monthly

Good to know:

  • Fast disbursement
  • Lower industry average interest rate
  • Up to 50 days repayment period
Finchoice Mobimoney
Minimum Amount:
R100
Maximum Amount:
R10,000
Loan Period:
1- 3 months
Estimated Interest Rate:
N/A

Good to know:

  • Qualify for higher amount next loan
  • Interest rate not announced
  • Up to 3 months repayment period

It’s much more effective to delegate that work to Loando, a South African loan comparison tool that can assess all the different payday loans in real-time, taking all movements into account, and deliver you the best options neatly and efficiently in one page without you even having to lift a finger. In no time at all, you have a menu of different options and you can pick the best one quickly and easily, not to mention without paying anything for the service.

How Do I Get a R500 Payday Loan?

  1. The first step is to take a moment and assess whether a payday loan is the right option for you right now and that it is something you’ll be able to pay back.

  2. If you’re happy with the idea, go to Loando and assess the various loan lenders available to you.

  3. Identify the provider and deal that works best for your needs and go to their online portal to apply online.

  4. Create an account and submit all the required documentation. This will include personal identifying information, proof of income and other variables required by the lender.

  5. Once you’ve submitted your application, providing you’ve met all the criteria, such as a healthy credit score, your funds will be paid into your bank account.

  6. You then repay the money based on the agreed-upon terms.

Frequently Asked Questions

Use a loan comparison tool like Loando which assesses all the available options and provides you with the cheapest ones that suit your needs.

This depends on the provider and on your credit history, but generally, there might be a small initiation fee, and then the interest you pay on top of the capital you loan.

This really depends on your financial situation and the provider you choose, but the best rates are usually between 5% and 10% interest.

This will depend on the financial provider you choose but generally, you will need to meet certain eligibility criteria as well as supplying documentation including ID documents, proof of residence, bank statements, proof of income, and the like.

Yes, as long as you use a reputable provider that has a track record to speak of. Do your research and make sure that the company is a registered financial services provider to ensure safety during the process.